VanEck’s HODL Bitcoin ETF mysteriously explodes

The volume ofETF spot Bitcoin from VanEck is gone in a mysteriousup more than 2000% over the course of Tuesday and apparently buoyed by retail investors.

Last night on X, a Bitcoin ETF specialist reported that VanEck’s HODL fund had suddenly attracted a large volume of trades.

$HODL is going wild today with $258 million in volume already, a 14-fold jump from its daily average, and it’s not just one big investor (which would make sense) but rather 32,000 individual trades, or 60 times its average. I don’t know how to explain it… maybe it was listed on a platform over the weekend,” wrote Eric Balchunas.

Apparently driven by retail investors, VanEck’s spot ETF finally recorded total volume of around $400 million on Tuesday, an increase of over 2000% compared to its average daily volume since launch. With such volume, the fund is closing in on industry leaders such as BlackRock’s IBIT and Grayscale’s GBTC.

Read:  Tether finds a new banking partner in the Bahamas: Bloomberg

Balchunas later suggested that a Reddit or TikTok influencer may have recommended that his subscribers invest in HODL.

It feels like an army of retail investors,” he added, noting that this could also be the result of market makers trading with each other.

Spot ETFs on the market’s leading crypto have since their SEC approval in January attracted more than $10 billion in inflows.

Read:  Do Kwon's trial in Montenegro to take place in May

Keep up to date with the latest crypto news on our Twitter or Telegram

The Best Online Bookmakers April 10 2024

BetMGM Casino